Common-Size Income Statement
Quarterly Data
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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2010
- Price to Book Value (P/BV) since 2010
- Price to Sales (P/S) since 2010
- Analysis of Revenues
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General Motors Co., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The financial performance over the analyzed period is characterized by significant volatility in gross margins and bottom-line profitability, contrasted by relatively stable overhead management and financial services revenue.
- Gross Margin Trends
- Automotive gross margins exhibited a general range between 9% and 13% for the majority of the period, though substantial instability emerged in later quarters. A notable contraction occurred in December 2023, where margins fell to 6.75%. This trend culminated in a severe downturn during the second half of 2025, with margins dropping to 5.24% in September and reaching a deficit of -4.21% in December 2025. However, a sharp recovery was observed by March 2026, with margins returning to 10.98%.
- Operating Income and Expense Management
- Operating income closely mirrored the volatility of the gross margins, peaking at 11.27% in March 2021 and hitting a period low of -8.90% in December 2025. Despite these fluctuations, selling, general, and administrative (SG&A) expenses showed a gradual improvement in efficiency, trending downward from 6.20% in March 2021 to 5.26% by March 2026. This suggests a sustained effort to control fixed costs regardless of revenue volatility.
- GM Financial Contribution
- Revenue from GM Financial remained relatively consistent, typically fluctuating between 8% and 11% of automotive net sales. The associated operating and interest expenses for this segment also remained stable, generally ranging between 6% and 9%, providing a predictable, though modest, contribution to the overall corporate revenue stream.
- Non-Operating Impacts and Net Income
- Net income attributable to common stockholders was heavily influenced by non-operating items, particularly equity income. A significant negative shock occurred in December 2024, where equity income dropped to -10.01% of automotive revenue, contributing to a net income deficit of -3.97% for that quarter. Further instability was noted in December 2025, where a combination of negative gross margins and a -2.00% equity loss resulted in a net income loss of -8.16%. Profitability recovered in the final quarter of the series, with net income returning to 6.64% in March 2026.